1) A theory consists of:

Select one:

a. Data

b. Evidence

c. Facts

d. A scheme or system of ideas

2) The accounting standards used in the European Union and the UK are said to be:

Select one:

a. Rules-based accounting standards

b. A conceptual framework for accounting

c. Principles-based accounting standards

d. A legislative framework for accounting

3) Financial reporting is a periodic process of providing financial statements to:

Select one:

a. The board of directors

b. Users internal to the entity

c. Anyone who chooses to read them

d. Users external to the entity

4) According to the Conceptual Framework, the first objective of financial reporting is to:

Select one:

a. Present a "true and fair view" of the entity

b. Provide a cost-justified measurement model

c. Faithfully represent the economic resources of the entity and the efficiency of its operations.

d. Provide accurate information, that is free from error.